Palace welcomes World Bank Report on PH’s stronger economy

Malacañang on Tuesday welcomed the World Bank report that showed the Philippines will still be one of the fastest-growing economies in East Asia and the Pacific in the next three years.

Communications Secretary Herminio Coloma said the forecast was indicative of the country’s strong economic foundation and better prospects for millions of Filipinos in the future, despite a modest easing in economic expansion in the region.

(This only shows that the foundation of our economy is stronger and is also becoming more attractive to investors as our macro-economic fundamentals are becoming stronger. This signals a much better future for our nation.)

“Among the large developing Southeast Asian economies, the Philippines and Vietnam have the strongest growth prospects, both expected to grow by more than 6 percent in 2016,” the World Bank said in a statement, based on its latest East Asia and Pacific Economic Update released Monday.

Coloma said the forecast motivates the government to provide better services and generate more jobs to uplift the lives of Filipinos.